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17(1)Amend section 34 (treatment of premiums etc. as rent) as follows.U.K.
(2)In subsection (1) for “the purposes of the Tax Acts” substitute “ corporation tax purposes ”.
(3)In subsection (6)—
(a)for “that other person” substitute “ if that other person is a company, the company ”,
(b)for “tax” substitute “ corporation tax ”,
(c)for “he” substitute “ the company ”, and
(d)for “his” substitute “ its ”.
(4)In subsection (7A) for “chargeable” substitute “ accounting ”.
(5)In subsection (8)—
(a)for “person” substitute “ company ”,
(b)for “tax”, wherever it occurs, substitute “ corporation tax ”, and
(c)for “his” substitute “ the company's ”.